Nacha News

Nacha creates broadly adopted payment and financial messaging rules and standards through consensus-led governance, international collaboration, and innovative development practices. We continually advance the ubiquitous ACH Network and engage diverse stakeholders to accelerate a digital future of global financial services interoperability.

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Nacha Government Relations Update – August 06, 2020

August 5, 2020
SBA Inspector General Reports ‘Widespread’ Fraud in Economic Injury Disaster Loan Program; CFPB to Issue ANPR on Consumer-Authorized Financial Data Access; FDIC Issues RFI Re: Potential Voluntary Certification Program Promoting Innovative Technologies.

CFPB to Issue ANPR on Consumer-Authorized Financial Data Access

August 5, 2020
The Consumer Financial Protection Bureau (CFPB) has announced that the agency plans to ask for input later this year via an advance notice of proposed rulemaking (ANPR) regarding implementation of Section 1033 of the Dodd-Frank Act, which governs consumers’ access to their financial data.
Government Affairs Updates

Alliance Virtual Pop-Up Meeting: The Countdown Has Begun

August 4, 2020
In just a few days, Alliance members will gather virtually to discuss how payments of all varieties (electronic, contactless, Same Day, real-time and more) have fared during the COVID-19 pandemic. The day will include six action-packed sessions that will dissect what the “new normal” means for the payments industry, businesses and consumers, including:  Impacts on Payments Innovation During COVID-19 We’ve seen the good with contactless payments becoming more common in a six-feet apart society. We’ve seen the bad with the ISO 20022 migration being postponed.

CFPB Issues Final Rule on Small Dollar Loans, Easing Restrictions for Payday Lenders

July 15, 2020
On July 7, 2020, the Consumer Financial Protection Bureau (CFPB) announced it has issued a final rule regarding “Payday, Vehicle Title, and Certain High-Cost Installment Loans”, eliminating the requirement for loan underwriting and income verification, citing “insufficient legal and evidentiary bases for the 2017 rule’s mandatory underwriting provisions”.
Government Affairs Updates